Option Investor
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We had the usual pre-market shenanigans with equity futures climbing off their their lows in the early-morning hours, a reversal back down after the market opened, a jam back to the upside and lots of chop. Financials, techs and gold/silver stocks are the weak sectors this morning. Citigroup reported this morning and their stock shot higher. But the pre-market spike was completely reversed and the stock is trading down. BIX was down more than -2% but is recovering as we complete the first 30 minutes of trading. GE also reported before the bell and had the same result--spiked higher and then dropped sharply into negative territory and is currently near the flat line. With the banks leading the way to the downside I'd be more willing to follow them than anyone else at the moment. This is opex Friday and I expect a lot of chop and probably some false market support so trade carefully or simply wait until next week.

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